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《大行報告》大摩上調騰訊(00700.HK)目標價至450元 評級「增持」
摩根士丹利發表研究報告,預測視頻號將成爲騰訊(00700.HK)未來2至3年的主要收入增長動力,分別爲收入及盈利貢獻21%及28%,同時預期市場份額由跌轉升亦將進一步推動估值重評。 監管環境改善,遊戲版號恢復審批,加上重新開放下宏觀及消費市場好轉,帶動廣告及金融科技領域復甦,大摩預期騰訊主要業務將於今年恢復增長,現時將視頻號變現、遊戲全球化及工業互聯網的雲端及SaaS發展列爲公司三大增長催化劑,相信可推動2022至2025年非通用會計準則下淨利潤複合年增長率達23%。 近年騰訊在用戶使用時長及廣告方面受到抖音及快手(01024.HK)的競爭所影響,相信隨着視頻號業務發展,未來2至3年可重新奪回部分市場份額,估計視頻號廣告收入將從2022年的20億元人民幣,增加到2025年的500億元人民幣,有信心騰訊可在2022至2025年實現13%的收入複合年增長率,股本回報率將從2022年的約13%,重新提升至2025年的約18%。 大摩重申對騰訊的「增持」評級,目標價上調至450元(原本420元),並將2023至2025年收入、經營利潤及淨利潤預測分別上調1%、1%至3%和1%至2%,是僅次於阿裏(09988.HK)(BABA.US)的中國互聯網行業第二選股。
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